5 Best Practices for Managing Apartment Turnover

The Impact of Apartment Turnover

Apartment turnover has one of the most significant impacts to your financial performance. When you consider the lost revenue from vacancy loss combined with the expense to turn and remarket the apartment, the impact to the bottom line increases with every turn. While it is equally important to focus on leasing activity, you cannot lose site of the impact of apartment turnover on your budgets and maintenance technicians.    

The cost of turning a unit in 2021 could be higher than the average cost from prior years as gas and the cost for materials are skyrocketing. With increased pressure on budgeted turn expenses comes increased pressure on your maintenance team. While the financial impact is cause for concern on its own, the workload on the maintenance team members to turn the units, especially during peak leasing cycles, can be significant.   

How many times have preventative maintenance items been delayed or overlooked due to the maintenance team being consumed with getting units ready or as a result of budget concerns?  Delaying preventative maintenance has a higher cost down the road.    

While move-outs are inevitable, there are ways to minimize the vacancy loss from apartment turnover. Operators can take a variety of measures to lessen the burden on your team members and limit the impact on your bottom line.  

Taking a proactive approach to managing turns and having an efficient make-ready process will save you time and money. Here are 5 best practices to improve your apartment turnover rate. 

1. Proactive Management Has to Include Maintenance

Budgets typically align with historical leasing cycles, which are helpful for staff and budget planning purposes. Your properties are unique. Instead of solely relying on regional historic leasing cycles, you need to track each property’s projected occupancy rate and future lease expirations to forecast appropriately for apartment turnovers.  

Your maintenance team needs as much notice as possible about any potential increase in expected move-outs. Sharing the number of expiring leases for the rest of the year and expected renewal rates with your maintenance team can help them plan spend and staffing appropriately.   

With property management software, you can provide them access to information to help them understand the renewal value. Every renewal means there is one less unit to turn, which will impact how maintenance team members engage with current renters in the best way.  

Your maintenance supervisor is responsible for staying within the allotted maintenance and turn budget, and he or she may already proactively work with vendors to get products ordered and tasks scheduled in advance. If they can adjust the spend and use of vendors weeks or months in advance, they will manage the budget more effectively.

2. Create Make-Ready Work Orders

Every property has some form of make-ready board. Whether you’re using a whiteboard, spreadsheet or software, you have a way to communicate upcoming turnover tasks to your maintenance technicians. But what if your make-ready board allowed you to maximize your time?  

We all know that time is money. Leveraging property management software to manage the unit turns for upcoming notice to vacates proactively saves time and makes sure that no units slip off the radar.   

As mentioned above, visibility is crucial, but it is not the only way to help your team manage the process. Most maintenance teams are limited in size and rely on outside contractors to prepare units for a new renter. Managing the contractors is one area that turn management software can ease some of the burdens and decrease the time to get the unit ready.    

Regardless of how clean the former resident thinks they left their apartment, you know that you must send in your housekeeper or cleaning contractor, so why not automate the process? With make-ready work orders, your team no longer has to schedule maintenance after they walk the units. Routine tasks can already be scheduled in property management software. Not only does this save time, but it ensures no tasks slip through the cracks and cause delayed move-in dates and vacancy loss. 

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3. Designate Specific Move Out Dates

Taking a strategic approach to apartment turnovers can help ensure your units aren’t vacant for long periods and that the workload is manageable for the staff. Management companies have been moving away from the old concept of ending their leases on the last day of the month, which would often overload the maintenance teams the first week of the following month. 

When there are more units to turn than there is time in the day, they (naturally) don’t get turned, increasing vacancy loss. More and more management companies have lease expirations spread throughout the month—some schedule leases to expire on Saturday or Sunday. Considering the most desirable days for a new move-in are Friday, Saturday and Sunday, your team has plenty of time to complete the turn.   

If you are using property management software with turn management capabilities, the office staff can help maintenance get a jump start on even the toughest of turns while they were doing the final walk-through with a resident upon move-out.  

*Keep in mind that you should document this in the lease if you choose to designate specific move-out dates each month. 

4. Go Green to Cut Costs

Apartment turnovers are a great time to complete budgeted renovations or implement green initiatives.  

With the number of energy-saving products and appliances on the market, consider ways you can go green while saving money in perpetuity.  If going green is something you are looking to evaluate so that you can budget for an entire project in the future, consider selecting a handful of units that are not preleased to install eco-friendly products.  Some eco-friendly products, like LED lightbulbs, are simple to add to your maintenance budget for apartment turnovers.   

When your team is optimized for efficiency and expense management, testing the water for the handful of units selected might be in your budget after all. Once you see the results in net rental revenue for green apartments, you have the justification for the spending in next year’s budget.  Oh, and don’t forget the net rental improvement and increased asset value you will see!   

5. Give Your Team Some Time for Last-Minute Issues

Walking the apartment prior to the resident moving out will help you identify the work and materials needed in advance. When your team is overloaded, walking the unit in advance often gets deprioritized.  

If you have to do a final walk-through only hours before a resident moves in, you may not have time to fix any issues that come up, causing a poor first experience for new residents. When the team and contractors are rushed, there is a potential for a decline in their work quality. The move-in experience for new renters has proven to be a significant factor in lease renewal. Empowering your team will ensure an excellent experience for your renters, too.  

Your maintenance team members and your supplier partners are valuable assets. Working with them empowers them to do their best. Take the time to educate the team and show them how and why being proactive will reduce their workload in the long run.  

ResMan helps teams improve turn management, maximize efficiency and control spending! Learn more with a free demo!

Meet Our April ResMan Rockstars

brittany

Brittany — Tier II Customer Support Agent

Where did you grow up? Knoxville, TN Go Vols!

When did you join ResMan? March 4th, 2019

What are three words you’d use to describe ResMan? Challenging, Rewarding, and Engaging

What do you love about your job?  Making an impact and leading by example with adding a little professional fun.

What are your hopes for the multifamily and/or multifamily software industry?  To continue to be innovative. 

It’s Oscar Season! What’s your favorite line from a movie?  “Believe in yourself and there will come a day when other will have no choice but to believe with you.” Lion King – MUFASA

caroline

Caroline — Product Specialist

Where did you grow up? El Paso, Texas

When did you join ResMan? August 2012

What are three words you’d use to describe ResMan? Inspiring, challenging, dynamic

What do you love about your job?  The people. I’ve been lucky enough to work alongside amazing people like Elizabeth Francisco.

What are your hopes for the multifamily and/or multifamily software industry?   I would like to see us make a difference in this industry. 

It’s Oscar Season! What’s your favorite line from a movie?  “You’re going to need a bigger boat.”

ketcher

Ketcher – Software Developer II

Where did you grow up?  Houston, Texas

When did you join ResMan? 4/16/2018

What are three words you’d use to describe ResMan? Fun. Strong. Great.

What do you love about your job?  I love learning more about our software and code base and getting to share what I learn with others. I love being able to fix problems and keep them from happening again. I love getting to add new features to our software that will make life easier for our users. And I love getting to work with fun and interesting people who’s company I enjoy.

What are your hopes for the multifamily and/or multifamily software industry?   My hope is that more and more multifamily PMCs will see the value that ResMan brings to the table and take us on as their software platform. 🙂

It’s Oscar Season! What’s your favorite line from a movie?  “We are not men disguised as mere dogs. We are wolves disguised as men.” — Hajime Handa, Jin-Roh: The Wolf Brigade. This movie is a slow build and it isn’t my absolute favorite, but by the time it reaches the scene where these lines are spoken, they land with impressive force.

lina

Lina — Digital Product Manager

Where did you grow up? Bogota, Colombia

When did you join ResMan? About 2 years ago

What are three words you’d use to describe ResMan? Fun, Supportive, and Forward Thinking

What do you love about your job?  Being able to work with different departments

What are your hopes for the multifamily and/or multifamily software industry?   That they all use our software!

It’s Oscar Season! What’s your favorite line from a movie?  “You is kind, you is smart, you is important” – The Help

scott

Scott — Technical Lead

Where did you grow up?  North Richland Hills, TX

When did you join ResMan?  May 2018

What are three words you’d use to describe ResMan? Happy, Caring, Motivating

What do you love about your job?  The opportunity to use my skills to help people find housing

What are your hopes for the multifamily and/or multifamily software industry?   I hope our software continues to improve and add features that makes our user’s lives easier

It’s Oscar Season! What’s your favorite line from a movie?  “You can’t handle the truth!”

Reeves— Financial Operations Manager

Where did you grow up? Birmingham, Alabama

When did you join ResMan? July 2019

What are three words you’d use to describe ResMan? Dynamic, Growth, Inclusive

What do you love about your job?  Ability to learn every department and work with people in each department

What are your hopes for the multifamily and/or multifamily software industry?   Greater technology

It’s Oscar Season! What’s your favorite line from a movie?  “I’ll be back”-Ahrnold

justin

Justin — Account Executive

Where did you grow up? This is always a tough question for me. My father was in the Navy so I spent my early childhood moving frequently and spent time abroad in Guam, Japan, and Korea. We moved stateside and lived in Little Rock, AR and Como, MS (south of Memphis) which is where I went to high school and college.

When did you join ResMan? March 2018

What are three words you’d use to describe ResMan? Dynamic, Progressive, Family

What do you love about your job?  Interacting with our customers, they are why we exist after all.

What are your hopes for the multifamily and/or multifamily software industry?   Continued engagement with technology that incorporates smart home living. A platform that guides the user through their day to day based on their role.

It’s Oscar Season! What’s your favorite line from a movie?  “Hello. My name is Inigo Montoya. You killed my father, prepare to die.” – The Princess Bride

Looking to join this team of Rockstars? ResMan is hiring! Check out our open positions.

Post Pandemic Technology Trends in Affordable Property Management

One of the fastest growing trends in affordable property management during the pandemic has been an increased adoption of and reliance on technology. 67 percent of polled affordable housing professionals report shifting to greater digital reliance in 2020. 22 percent of those polled place technology within their top three priorities for 2021. 

How Technology Streamlines Affordable Property Management  

Leasing 

Affordable property management professionals are using online applications, managing recertifications online and adopting electronic document storage. Having unlimited electronic document storage is key for Management and Occupancy Review (MOR) preparation. With electronic signatures approved by HUD in April 2020, professionals in the industry expect this trend to grow rapidly. 

Changes are ongoing for HUD guidelines on electronic file protocols. Guidance on communicating compliance with EIV reporting requirements, including web meetings, is still pending, but Housing Notice 2020-04 is now obsolete and has been replaced entirely by HN 2020-10, which includes these two additions: 

– Section II.A – Adds 811 PRA to the applicable Multifamily Housing Programs who may use the instruction in the Notice. 

– Section VII.B.5 – Revises the language regarding access to electronic versions of the tenant file to Independent Public Auditors to specifically not allow access to EIV reports. IPAs must comply with the EIV Rules of Behavior which requires that EIV information be reviewed on site or at the management company office. 

Resident Communication 

SMS/text messaging is preferred by many residents of all ages, and affordable property management professionals are adopting this popular communication channel. Phone calls are time-consuming for staff, especially when they go unanswered. Text messaging is convenient for both staff and residents and preserves a written record of conversations and notifications if integrated with your property management software. 

Self-serve accounts are a baseline expectation for consumers today. Resident portals allow residents to manage all their communications, property notifications, payments, service requests, document uploading, and package delivery preferences in one convenient location. This gives your staff more time to focus on higher priority tasks. 

Rent Collections 

Certain legislation has driven the adoption of increased and expanded online payment options for residents in some states, which could become more widespread. The most recent trends we’ve seen include: 

– ACH 

– Card payments (credit/debit) – New Jersey signed a law in January requiring affordable property management companies to accept credit card payments for rent during the COVID-19 emergency and for one year following the end of the emergency. The legislation states that transaction fees can be passed along to residents, and any amounts reversed by the credit card company due to claims of fraudulent activity would be considered unpaid rent. 

– Cash/wire pay (Greendot/Western Union) 

– Flex pay (twice a month/weekly) 

– Credit bureau reporting – California now requires affordable property management companies to give tenants the option to report rent payments to the credit bureaus. HUD is still considering whether to allow residents to be charged for the service. 

Maintenance 

Maintenance is a major component of affordable property management. More properties are leveraging the power and convenience of software to manage critical maintenance processes, such as work orders and inspections across multiple locations. 

Internal Processes 

Some affordable housing professionals are stepping up their technology usage with online training (software, internal company training) and internal collaboration on shared documents, budgets, policies and procedures. 

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What’s Next for Affordable Property Management Technology? 

The biggest technology adoption trend to date has been online applications, with online payments currently picking up speed.  

The end of the eviction moratoriums will usher in a backlog of cases, clusters of vacancies, and an Increase in vacancy-related activities. So, it will be more important than ever to leverage technology for greater efficiency and revenue generation. Relevant tools to have in place include: 

– Mobile maintenance solutions for unit inspections, work orders and make-readies

–  Leasing solutions such as electronic waitlists and online applications, which allow you to enact the entire leasing process online from start to finish. 

Technology will continue to offer a competitive edge for property managers, enabling more efficient revenue-generating operations and a better experience for prospects and residents. 

See how ResMan Affordable can help you maintain compliance and maximize efficiency!

Credit Builder: How to Help Your Multifamily Residents Improve Credit Scores

Credit history plays such an important role in our lives today. It shapes our ability to secure housing, buy a car, qualify for a credit card, and in some industries, it even impacts our ability to get a job. Rent is usually the largest bill we pay each month, yet it rarely factors into our credit score. Why? Because multifamily property management companies generally don’t report rent payments to credit bureaus.  

Many property management platforms now have credit bureau reporting capabilities, allowing property management companies to help residents boost their credit scores and improve their financial stability and flexibility. Often this service is offered as a fee-based amenity, delivering value both for residents and property management companies.  

ResMan’s Credit Builder is an affordable fee-based amenity service that offers residents the opportunity to have on-time rent payments reported to credit bureaus. From every angle, it’s a win for both property management companies and residents. 

Credit Builder Benefits to Property Management Companies 

For property management companies, Credit Builder offers a range of benefits. 

Provides a Competitive Advantage: With fewer than 10 percent of properties offering credit reporting, ResMan Credit Builder is a differentiating amenity that allows properties to offer a valuable service to residents that is likely not available at other properties in your area. 

Easy to Offer and Administer: Because Credit Builder is part of the ResMan platform, making it available to residents as easy as toggling a setting. Marketing and sign up for the service is integrated into the Resident Portal and leasing process. For those who sign up, fees are automatically included with monthly rent, and the platform automatically reports on-time rent payments to credit bureaus each month. It’s hard to go wrong with an automated, affordable service that attracts responsible residents without adding extra work for your staff. 

Increases Revenue and NOIMost of the revenue properties collect for the amenity flow right to the bottom line, allowing properties to increase revenue and grow NOI.  

Helps Residents Understand and Improve Their Financial Situations: Beyond just reporting rent payments to credit bureaus, Credit Builder includes educational resources and tools to help residents understand and improve their overall financial health.  

Meets State-Level Mandates: As more states consider legislation to require landlords to offer credit bureau reporting for rent payments, having Credit Builder in place will make it easy to comply with new legislation. 

Credit Builder Benefits to Residents 

The effects of poor credit impact consumers at every turn. There are no fast and easy ways to reestablish credit, but over time having on-time rent payments reported to credit bureaus can have a material impact. On average, Credit Builder subscribers see 20 to 40-point increases to their credit score over a 12-month period. And since Credit Builder can even report on up to 24 months of back payments, residents who have been at a property for several years stand to gain even more by signing up for the service.  

Beyond credit bureau reporting, Credit Builder includes financial education as well as budgeting and spend-tracking tools to help residents better manage their finances. Residents who subscribe to the service also receive credit monitoring and identity theft protection, including a $1 million identity theft insurance policy. All these benefits are why 95 percent of Credit Builder subscribers say they’d recommend the service to others. 

For property management companies that are focused on engaging, supporting and retaining their residents, Credit Builder is the type of amenity that can really make a difference in peoples’ lives. Learn how you can offer this amenity to your residents today.

Emergency Rental Assistance Program FAQs for Property Owners

Throughout the COVID-19 pandemic, there have been many questions surrounding the Emergency Rental Assistance program, the eviction moratorium, relief packages and other aid. Multiple industry associations and government entities have put out resources for both landlords and renters to better understand different types of aid, who qualifies and how to receive funds.  

Here are a few of the most commonly asked questions surrounding the Emergency Rental Assistance program. To see a list of resources, click here.

Jump to a question:

What is the Emergency Rental Assistance Program?
Who is eligible to receive Emergency Rental Assistance?
How should a grantee document the eligibility of a household?
How much aid can grantees expect to receive?
How can renters apply? Can a property apply on behalf of its renters?
Will the aid be paid directly to property managers or renters?
How has the Treasury Department allocated funds for localities?
A distributing entity provided rental payment on a resident’s behalf under the ERA program. Should I include this in my gross income?
Where can I get information on the eviction moratorium and tips on how to communicate with residents?
Where can I learn more about the Emergency Rental Assistance Program?

What is the Emergency Rental Assistance Program? 

The U.S. Department of the Treasury allocated $25 billion to the Emergency Rental Assistance (ERA) Program to aid households unable to pay rent due to the COVID-19 pandemic. In March 2021, Congress allocated another $27.4 billion to the ERA program. 

Who is eligible to receive Emergency Rental Assistance? 

To qualify for emergency rental assistance, one must be considered an “eligible rental household” and meet the following criteria: 

– one or more individuals within the household has qualified for unemployment benefits or experienced a reduction in household income or experienced financial hardship due to the COVID-19 outbreak, whether directly or indirectly

– one or more individuals within the household can demonstrate a risk of experiencing housing instability or homelessness 

– the household has a household income less than or equal to 80% of area median income 

How should a grantee document the eligibility of a household? 

Applicants must prove in writing that they have experiences financial hardship and meet the above criteria. Due to the challenges brought on by the pandemic, the Department of the Treasury is allowing some flexibility in documentation, including permitting photocopies or digital photographs of documents and/or attestations from landlords, employers, caseworkers or others with knowledge of the household’s circumstances. 

How much aid can grantees expect to receive? 

Grantees can receive up to 12 months of back rent and utility bills. Assistance is awarded in three-month increments, at which point an eligible household must reapply for funds.  

How can renters apply? Can a property apply on behalf of its renters? 

According to federal law, if your resident does not apply for the ERA program directly and is behind on their rent, housing providers may apply on their behalf and receive funds directly.   

To do this, you must have the resident’s signed permission and provide all necessary documentation for said resident. That said, this particular issue may be determined based on jurisdiction. Refer to your state’s ERA program website to ensure they will distribute federal funds to you on behalf of the resident.  

It should be noted that properties do not have to participate in the ERA program. Residents can apply on their own, receive funds, and pay them directly to the property. 

Funds from the Emergency Rental Assistance program are paid directly to property managers or utility companies. 

According to the National Multifamily Housing Association (NMHC), some jurisdictions are requiring property owners to forgive or erase partial back-owed rent and forgo their ability to evict non-paying residents when receiving ERA funds. If this causes your company to not participate in the program, the NMHC says that the “resident can apply on their own and will be directed to deliver any relief they receive to their housing provider. Enforcement of this requirement is undetermined at this point.” 

How has the Treasury Department allocated funds for localities?  

See this list from the Treasury Department. 

A distributing entity provided rental payment on a resident’s behalf under the ERA program. Should I include this in my gross income? 

Yes. Under Section 501 Emergency Rental Assistance of the Consolidated Appropriations Act, 2021, whether you receive payment from your resident or a distributing entity on their behalf, you must include these funds into your gross income. 

Where can I get information on the eviction moratorium and tips on how to communicate with residents? 

Check out this blog post. 

Where can I learn more about the Emergency Rental Assistance Program? 

U.S. Department of the Treasury FAQ 
NMHC Emergency Rental Assistance FAQ 
National Apartment Association Resources 
National Council of State Housing
Agencies State-by-State Assistance Resource 
IRS Emergency Rental Assistance FAQ 

**As information on rental relief can change rapidly, please refer to your state or local apartment association or legal counsel for more details.** 

ResMan Streamlines Annual Income Limit Update Process for Affordable Housing Properties

New Capabilities Automatically Update HUD and Tax Credit Income Limits for Each Property 

Plano, TX, April 15, 2021 – ResMan®, a leading property management SaaS platform provider, today announced new capabilities that automatically update income limits for HUD and Tax Credit properties managed through the platform. This new functionality eliminates the risk of data entry errors and provides significant time savings to already stretched affordable property management teams.  

“For too long the time intensive and error prone ritual of keying new income limits into a property management system has been passed over as just another responsibility that comes with managing an affordable housing property,” says Janel Ganim, ResMan’s senior vice president of product. “At ResMan, we are passionate about finding ways to free property teams from the manual and time-intensive activities that take them away from what they want to be focused on – their tenants. Automating the income limit update process is one way that we can give back time to property teams, while also eliminating the risk of a data entry error with data as important as this.” 

These new capabilities don’t just save time for properties that are already on the ResMan platform. Any new properties that are added to the platform can take advantage of these automatic updates, accelerating the onboarding process by not having to locate historical income limits for previous years and eliminating the risk of data entry errors during implementation.  

You can learn more about ResMan Affordable here. ResMan will also be holding a Q2 Affordable Market Update webinar later this quarter to demonstrate these new capabilities. 

ResMan to Showcase New Solutions at Texas Apartment Association Expo

Plano, TX, March 30, 2021 – ResMan®, a leading property management SaaS platform provider, today announced it will be participating in the Texas Apartment Association (TAA) ONE Conference and Expo April 14-16 in San Antonio. ResMan will occupy booth 715 on the floor of the exhibition and showcase its newest solutions offered on the property management industry’s most innovative technology platform. Among the featured products that make property investments and operations more profitable and easier to manage, ResMan will be highlighting ResMan Websites, Payments, Online Leasing for Marketrate and Affordable, Boardroom, the ResMan CRM and more.   

“ResMan has participated in this annual TAA event for many years and we are thrilled to be back in person, networking with some of the best and brightest in the industry. Over the past year we have launched several new solutions for ResMan users and we cannot wait to show them to attendees,” says Elizabeth Francisco, president and founder, ResMan. “Our focus continues to be on listening to our customers’ needs and expanding our platform capabilities to meet their changing needs. We are committed to a true partnership with our customers, making their lives easier and more efficient.”  

Additionally, ResMan plans to host a drawing during the event, giving away three ultimate vacation packages, including $1000 towards Airbnb and flight packages.   

If you’d like to schedule some time to discuss ResMan’s solutions at TAA, fill out this form.

5 Signs You Need a Multifamily CRM

How Does a Multifamily CRM Improve Lead Management?

Customer relationship management software, or CRMs, are the fastest growing software solutions on the market across industries, and multifamily is no exception. A multifamily CRM helps increase conversion by streamlining the lead management process. 

As a supplement to a high-quality property management software, multifamily CRM creates a more personalized experience for prospects, helps teams manage leads more efficiently and gives property managers unparalleled access to customer data in real time. It improves lead flow, increases conversion and drives higher occupancy rates. 

 Here are five signs your company could benefit from a multifamily CRM. 

1. You aren’t attracting enough leads to maintain occupancy levels  

Move outs happen, of course, but if leads are down and it’s getting harder to keep your units consistently filled, you most likely need the power of a multifamily CRM to boost your efforts.  

When coming up with a plan to increase conversion, start with the basics. Most leads come via apartment aggregator websites, but some companies struggle to keep their ILS listings updated.  Before you even have a chance to wow prospects with your properties, out-of-date information or incomplete (Internet Listing Services) ILS listings for your property could be driving them away. 

The best multifamily CRM will ensure that your ILS listings stand out on the best apartment aggregator sites, providing up-to-date and appealing details on availability, unit size, price and more. This can give prospects a strong first impression of your property and drive them to engage. From there, your CRM and your staff can get to work doing everything necessary to convert them. 

2. You have duplicate prospect records  

Inefficiency impacts your bottom line.  Duplicate leads across multiple properties and misplaced data makes it hard to effectively engage prospects. If your competition is using modern CRM solutions to manage prospects while you use outdated systems, you may lose out on deals. 

A multifamily CRM centralizes cross-property prospect records and allows you to efficiently manage leads across your portfolio. If you’re relying heavily on ILS listings, you may save money through more efficient sharing of leads across properties, reducing your cost per lead. This effectiveness also reduces prospect and team frustrations. 

3. Leads sometimes fall through the cracks 

Your leasing team is constantly being pulled in different directions. You need a solution to keep them focused. A multifamily CRM with a powerful dashboard alerts them to high priority prospects and activities ensures they follow up promptly. 

Your brand is at stake. Consumers believe the pre-leasing experience your team delivers reflects the ongoing experience they will have as a resident. If they experience hassles before they sign, what will life be like when they live on your property? An integrated property management solution and multifamily CRM enable consistent streamlined experiences that residents have come to expect. 

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4. You aren’t automating communication 

Being responsive is essential to keeping prosects engaged, but your team can’t be available 24/7. Automating communication through a multifamily CRM simplifies processes for your leasing team and shows prospects that you’re easy to work with. 

More than 50 percent of tours are scheduled outside business hours. Leveraging a multifamily CRM that offers AI-powered chatbots on your website to engage your prospects at any time. While your team is serving other prospects or off the clock, a chatbot can engage website visitors, offer virtual tours, and schedule in-person tours. 

Note that not all CRMs do this effectively. AI-powered chatbots that accurately interpret and respond in context to prospects are best equipped to get prospects the information they need to move to the next stage of the process. 

Multifamily CRMs can also streamline other forms of communication. Consider a solution that automates email and SMS-triggered dialogues to respond to inquiries and further engage prospects. The best CRMs also offer click-to-dial and call-from-anywhere options, increasing team efficiency. 

5. You aren’t sure how your lead sources are performing

Understanding where your leads originate ensures you’re allocating your marketing budget correctly. Without comprehensive lead and conversion data, you may be overspending on low-converting sources or underspending on high-converting sources.  

A multifamily CRM tied to a robust property management platform provides clear marketing attribution reports to help you optimize your marketing investments. With complete data visibility, you can make confident budgeting decisions to maximize conversion. 

Meet Our March ResMan Rockstars

Heather — CPM – Regional VP of Sales 

Where did you grow up? I grew up in Southington, CT, moved to FL after college and am now a snow-bird in an empty-nest between NC and FL! 

When did you join ResMan? October of 2017

What has been your proudest moment at ResMan? The day I was hired, for real.  I spent 14 years in Operations in Property Management.  I was always the software go to, trainer, implementation manager, new tech discoverer and love technology.  When I moved to the supplier side, I worked for a partner of ResMan. I saw ResMan and said, “Why is everyone not using ResMan!?”  I fell for the Software, the people, and the culture.  When I received my offer, I have never been so honored and proud!  

If you could switch your job with anyone else within ResMan, whose job would you want?  I love my role but if I had to, I would be very interested in working with our supplier network team.  I am a believer that it is impossible to be the best at everything. I love the fact that ResMan was designed to be the best core software (Marketing, Operations & Accounting) while providing a true open API working with the industry’s premier ancillary partners.  New technology drives innovation!  These partnerships are not only critical to support best-in-class companies, enhance ResMan’s Platform but I have been able to develop relationships with so many amazing industry professionals.      

I like this Quote from Simon Sinek: “If we were good at everything, we’d have no need for each other.”

What motivates you to come to work every day?  I believe in our platform, I love our company culture, I feel like I am part of a big family and I am proud to be with an industry technology disputer.  I also love the fact that ResMan fosters collaboration, creativity, diversity & inclusion.  Pure and simple, I love ResMan!       

What’s your favorite charity to support?  I love to donate to the American Red Cross, they touch so many lives.  Whether this is financial donations when areas are hard hit by natural disasters or by donating blood.  My husband and I are both O+ which is the most common and compatible with most others.  We use this as a date night when we go to donate together. 

Kristin — Director of Product Marketing

Where did you grow up? White Plains, NY

When did you join ResMan? November 2020

What are three words you’d use to describe ResMan? Team-oriented, Fast-paced, Committed

What has been your proudest moment at ResMan? Seeing the success of the CRM Webinar

What advice do you have for prospective ResMan team members?  ResMan is definitely a place where you will work really hard, but you are surrounded by smart, motivated, positive and fun people who are also working hard, so it’s a great environment where we win together!

Do you have a favorite blog, vlog, Instagram influencer? What do you enjoy most about it? Our house is full of items found through Wirecutter. We love the site for product reviews, and their blog, Real Talk, is full of fun and sometimes really odd products and ideas.

Carwin – Technical Support Specialist – Tier 2

Where did you grow up?  Shreveport, LA

When did you join ResMan? 2/2017 – Old building days!!!! lol

What are three words you’d use to describe ResMan? Positive, Growing, Adaptive 

What has been your proudest moment at ResMan? I had quite a few but I would have to say anytime a clients issue has been resolved or being asked to work more closely with integration support.

If you could switch your job with anyone else within ResMan, whose job would you want? If I had to pick I would say Elizabeth, but only for like one day not sure I could handle the pressure… lol

What motivates you to come to work every day? I am extremely interested in integrations and the functionality of how those can impact our users, so anytime I am able to work through issues with our clients on these challenges me…. Yeah, so “Challenges” is what keeps me coming back. 

What’s your favorite charity to support? United Negro College Fund or any initiative that my Fraternity (Alpha Phi Alpha Fraternity, Inc.) is working at any given time.

Ariane — Implementation Associate

Where did you grow up? I grew in province life with my Grandparents. 

When did you join ResMan? I joined ResMan July 2020.

What has been your proudest moment at ResMan? This!! As one of March RockStar.

If you could switch your job with anyone else within ResMan, whose job would you want? No one, I am happy to where I am at today.

What motivates you to come to work every day? My son and our healthy work environment. 

What’s your favorite charity to support? Feeding program for kids

Ben — Technical Lead for Reporting

Where did you grow up?  Kaufman, TX

When did you join ResMan?  April 2019

What has been your proudest moment at ResMan? The other day I worked an S1 through to a hotfix in about 30 to 45 minutes.  This hotfix needed C# skills I would not have had two years ago when I was hired and reminded me how much I have learned since I started.

If you could switch your job with anyone else within ResMan, whose job would you want? Nick Olsen, but only the architect side of it (that man has too many hats).  I love solutioning things and gathering ideas on how problems can be solved, then stitching those into a cohesive solution.  Collaborating with business, product, and tech to get something done has been some of my best moments in past jobs and I would love to do so again.

What motivates you to come to work every day? The team (both direct and extended) that I work with.  The ResMan team is awesome and I can’t wait to solve problems with them knowing that everyone is after the best outcome for us as a company and for the customer.

What’s your favorite charity to support? Habitat For Humanity is my favorite charity.  I really like that they are founded on a principal of “you help build it”.  The families receiving the homes help to build them.  Through this they learn useful skills they can use to maintain their property, and they also gain a pride of having built the house they call home.  Self-pride is something that many in the position of needing charity often have in short supply.  Helping people up and out of bad situations has to be about the whole person, physical, mental, and social and I love that H4H addresses this in the core fundamentals of their program.

Chris Meister — Software Developer II

Where did you grow up? Fort Lauderdale Florida

When did you join ResMan? April 2019

What has been your proudest moment at ResMan?  I think my proudest moment has been the launch of the Commercial project. It was really exciting to see all the hard work and dedication of the team come to fruition.

If you could switch your job with anyone else within ResMan, whose job would you want? I don’t think I would switch my job because I love development, but if I had to marketing seems like it would be a fun job.

What motivates you to come to work every day? The ability to work on and improve a product that impacts so many people. I enjoy working on a number of different products and being able to work with so many great people.

What’s your favorite charity to support?  The Dian Fossey Gorilla Fund

Gaby Costales — Software Developer II

Where did you grow up? Born and raised in Miami, FL.  

When did you join ResMan? I joined ResMan as part of the Razz Interactive acquisition in January 2020

What has been your proudest moment at ResMan? Around the end of 2020 I took on a major role in our optimizations epic to improve the overall frontend performance and load times of our websites. I proposed and executed on a variety of solutions to address technical debt that was slowing down our platform. While optimizations are always an ongoing effort and never “done”, my work directly contributed to significant speed improvements for our websites! 🤓

If you could switch your job with anyone else within ResMan, whose job would you want?  I think maybe trying out being a Product Manager would be interesting. As a developer and member of a product team, I’m always actively trying to suggest creative approaches to solve problems and innovate the websites platform. Leading a team all working towards building a better product for our users is a great role. I also enjoy poking around, organizing, and making sure stories are up to date in JIRA a little too much!

What motivates you to come to work every day?  I’ve always found coding to be an incredibly empowering craft, and I want to continue to try and master it. I like to challenge myself every day to tackle and find efficient solutions for bigger and more complex technical problems/projects.

What’s your favorite charity to support?  It’s always been important to me to advocate for women in STEM. Girls Who Code is a nonprofit organization that is dedicated to closing the gender gap in tech. I volunteered with them as a teaching assistant in the summer of 2014, and it was incredibly fulfilling to break down stereotypes about who programmers are and open up more opportunities and potential for the young women we taught. Learning computer science and programming is valuable no matter what kind of career or job someone wants to have.

Looking to join this team of Rockstars? ResMan is hiring! Check out our open positions.

10 Qualities of the Best Multifamily Housing Software

Choosing a Multifamily Housing Software

Looking for the best multifamily housing software can feel overwhelming. It’s such an important decision, and there’s a lot to consider. The must-have qualities on your list earned a place there because of specific pain points you’re experiencing or innovation you’ve heard about. But there may also be other features that you didn’t know to look for or that may turn out to be more important than you expected. 

Your discovery process will go more smoothly if you know what you want to get out of your multifamily housing software. Setting goals and understanding the capabilities of each platform you’re considering will drive your decision. The right platform will help you increase efficiency and achieve your goals. 

To help you in your search, we’ve identified ten of the most important qualities to look for in a property management platform. 

  1. Ease of Use
  2. Efficient Workflows
  3. Automation
  4. Big Picture Visibility
  5. Open API and Native Solutions
  6. Support for Affordable Housing Compliance
  7. Frequent Software Updates
  8. Expanded Revenue Potential
  9. Scalable Solutions
  10. A Platform That Offers a True Partnerships

 

 

 

1. Ease of Use 

Naturally, no one wants a platform that is difficult to learn and use. Investing in cumbersome software that your staff won’t want to use is not a smart business decision. The best return on your investment comes from a complete buy-in from your staff, and that can only happen with an intuitive solution. 

To ensure ease of use, get a demo of each software you’re considering. Have a sales representative walk you through routine tasks your team will perform each day. The best multifamily housing software has a simple user-interface and a powerful search function to help your team get to the information they need in three clicks or less.   

 

 

 

2. Efficient Workflows 

Operational processes affect more than time and office morale, they impact your bottom line. Cumbersome software creates inefficiencies across your team, which can ultimately result in low conversion rates, poor resident experience and less tasks accomplished.  

Your software should help you get out in front of your needs by helping you create efficient workflows. The best multifamily housing software allows you to get to or enter information in just a few clicks.  

Pro Tip: Working with a property management platform that has a team with extensive history in the property management industry is likely to bring a higher level of innovation in this area. What is the provider’s story? 

 

 

 

3. Automation 

Manual processes subject your operations to the risks of human error and failures in compliance, which further impact your bottom line. Modern multifamily housing software automates as many processes as possible, enabling staff to more easily manage daily tasks, focus on high level goals and provide personal attention to residents and prospects.  

Automated processes to look for include: 

–  A budgeting tool that uses automation to eliminate errors and provides accurate data 

–  Automated recertification notices for affordable housing 

–  Leasing automation with an integrated CRM to nurture leads even while you sleep 

A big part of running a property is keeping track of what you need to do and when you need to do it. A platform with automated alerts helps ensure nothing falls through the cracks. Receiving alerts in your platform’s dashboard keeps your team focused. 

 

 

 

4. Big Picture Visibility 

The right multifamily housing software supports more than your staff’s daily operational tasks. It also provides comprehensive visibility into property and portfolio performance.  
 
A platform with a robust dashboard allows you to view high-level metrics at-a-glance and dive into reports to analyze operations in granular detail. This keeps you informed of day-to-day performance, as well as make proactive decisions for the future. 

The right platform will also alert you to irregularities and dips in key performance indicators (KPIs), like NOI and occupancy rates. These alerts allow you to react quickly to analyze past and current data, forecast future metrics and make data-driven decisions to mitigate risks and reach your goals. 

 

 

 

5. Open API and Native Solutions 

Having robust native functionality is essential—the most seamless processes are when the functionality is native to the platform. That said, most organizations use a variety of technology solutions to manage operations.  

That said, an open platform provides the most flexibility. A multifamily housing software with an open API and best-in-class integration partners gives you certainty in knowing you have the functionality to address specialized business needs.  

A hybrid solution like this allows you to get the best of both worlds. Not only does it offer functionality, but it also allows you to simplify billing and business relationships.  

 

 

 

6. Support for Affordable Housing Compliance 

If you have or may one day have affordable properties, choosing a platform that supports affordable housing compliance well is important. Not all platforms have the depth of knowledge and commitment to the affordable industry.  

Consider a multifamily housing software that keeps up with the ever-changing affordable housing landscape and alerts you to regulation changes to help you stay compliant. Find a solution with a complete compliance dashboard. This ensures you have a real-time, at-a-glance view into your compliance, from recertification management to building compliance. 

 

 

 

7. Frequent Software Updates 

Property management is among the scores of industries that have been disrupted by residents’ evolving expectations and rapidly expanding technology. To stay competitive, you need a platform that aligns with your residents’ needs.  

The platform you choose should be constantly evolving and improving to help you attract and retain residents. To do this, your provider must be in tune with the industry to understand changing needs and listen to customer feedback to improve the product. 

Equally, your platform must enable you to operate efficiently to help you maximize NOI. A provider that’s hyper-focused on enhancing their platform keeps your needs front of mind and is consistently innovating to help you improve. 

 

 

 

8. Expanded Revenue Potential 

With all the upheaval experienced in the property management industry lately, companies are looking for ways to maximize economic occupancy more than ever. A platform with strong marketing capabilities, like a powerful CRM, website solutions, virtual leasing and AI-powered chatbots, can help you attract and convert high quality leads to minimize vacancies and avoid the need for rental concessions.  

Property management platforms can also help you expand traditional revenue-share programs, like utilities. Explore how the system will enable you to generate additional revenue streams through any valuable concierge service you could offer with little effort required on your part. Here are just a few: 

– Credit reporting

– Renter’s insurance

– Tech support for residents’ computers

– Security alarm services

– Ad space for big brands (like sports drink ads in the workout room or gym)

– Daily door-side trash or recycling pick-up

– Appliance and furniture rental

 

 

9. Scalable Solutions 

If you plan to scale your business, it’s important to find a solution that can accommodate you as you grow. A flexible solution that allows you to add features as you need them is ideal for growing businesses. Look for a multifamily housing software that has a track record for supporting customers that have successfully scaled their businesses.  

This isn’t only about what the platform can do today. Beyond its current capabilities, look at its mission, industry involvement and history of innovation. Explore the platform’s ability to be a business partner and respond to your unique organization’s specific needs.  

 

 

 

10. A Platform That Offers a True Partnership 

Choosing a property management platform is an important decision that can impact your every aspect of your business. Understanding what your company needs from software and considering your daily workflow, budget and future needs can help you find the best platform for your business. 

Most importantly, though, this decision isn’t solely about the technology itself. While checking all the boxes on features and functionality is important, often it’s the company and the people behind the technology that has the greatest impact on your success. Instead of thinking of a platform as a provider, think of this decision as entering into a partnership.  

The right partner for your business is one who understands your industry, offered the functionality you need, and is committed to being there for you when you need help or run into issues. Be sure to find a partner that listens to your ideas and helps you to use the technology to its fullest so you can realize your potential as a business.